From eradicating poverty to ensuring sustainable energy, gender parity is not just a goal in itself—SDG 5—but a catalyst for achieving all 17 SDGs. Yet, even in countries that are in the top quartile of gender equality in the workplace like the United States, women still face significant barriers in pay equity, leadership, and workforce participation.
Nearly half a century. That’s the time it will take for women to achieve parity in the workplace, according to McKinsey & Company and LeanIn.org’s most recent Women in the Workplace report. Practically two generations before we reach gender parity if we continue at the current rate.
The journey towards parity has seen notable milestones over the past decade, such as an increase in women’s representation in the C-suite (29% today vs. 17% in 2015). This upward trajectory is a testament to the relentless efforts of women who have broken through the glass ceiling, as well as to the companies that have prioritized gender diversity in their leadership ranks. Yet, the fragility of this progress, especially for women of color, calls for a renewed effort to advance and support women.
The pipeline to the top for women remains leaky. In 2018, for every 100 men promoted to manager, only 79 women achieved the same milestone. Today, that number has barely improved, standing at 81 women for every 100 men. And for women of color, for every 100 men promoted to manager, only 54 Black women and 65 Latina women receive the same opportunity.
An even closer look across the pipeline reveals challenges at each step of the way for women of color. Black women’s representation drops by nearly two-thirds from entry level to director. Despite being 9.6 percent of the U.S. population, Latinas represent only 1.4 percent of the C-suite – and are the most underrepresented of any group of women. And while Asian women have nearly identical representation as Asian men in the pipeline, Asian men’s representation in the C-suite is nearly double.
The fight for parity is not getting any easier. The report also shows a decline in company’s commitments to gender diversity – just 78% of companies today say gender diversity is a high priority, compared to 87% in 2019. This backsliding threatens to undo the hard-won gains and create a longer timeline to parity.
The path to parity will require concrete actions and systemic changes. Companies can implement policies that support women at every stage of the talent pipeline, from entry-level positions to the C-suite. This can include mentorship and sponsorship programs, flexible work arrangements, and robust diversity and inclusion training for the entire employee population. Importantly, these initiatives must be inclusive of all women, with a specific focus on addressing the unique challenges faced by women of color.
The journey to gender parity in the workplace is challenging but achievable. The advancements over the past decade demonstrate that change is possible when it is a priority, and it is crucial for companies and governments to integrate gender advancement into their core strategies and policies. It’s not just the right thing to do, it’s the smart thing to do, both for companies and for the economy. As our previous research by the McKinsey Global Institute has shown, advancing gender equality could boost global GDP by as much as 11%, adding trillions of dollars to the global economy. By prioritizing gender equality, we not only move closer to achieving SDG 5 but also enhance our collective ability to meet all other Sustainable Development Goals, creating a more equitable and prosperous world.
This article originally appeared in Forbes.